Business
APRA warns it’s ready to prosecute for lax cyber security – The Australian Financial Review
APRA has delivered a major warning to financial sector boards on cyber security, ordering all to conduct an external audit against the new prudential standard.
While no APRA-regulated bank, insurer or superannuation fund had suffered a material cyber breach to date, “our view that its only a matter of time until a major incident occurs hasnt changed,” he said.
APRA wants more investment into internal audit teams to police standards and a much stricter vetting of third-party suppliers. The cyber threat level is rising and the speech makes it very clear not enough investment is going in to improve the weakest links.
“In an environment where an attack on…
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